- The market has been trading laterally since May-2023, the long-term trend was neutral.
- Over the past few days, prices have registered a strong bullish acceleration which led the market to a 2-years high above 26.80$.
Both short moving averages are bullish, and the MACD indicator confirms the bullish pressure and directionality.
- The fact that the market has registered a sharp acceleration above the upper bound of its long-term range tells us the consolidation may be over.
A new bullish potential has now been unlocked, new resistance towards 27.06$, 27.80$ and 29.95/30.00$ can be seen as the next targets.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Over the past few days, prices have registered a strong bullish acceleration which led the market to a 2-years high above 26.80$.
Both short moving averages are bullish, and the MACD indicator confirms the bullish pressure and directionality.
- The fact that the market has registered a sharp acceleration above the upper bound of its long-term range tells us the consolidation may be over.
A new bullish potential has now been unlocked, new resistance towards 27.06$, 27.80$ and 29.95/30.00$ can be seen as the next targets.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.